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Us 7, S&p 7, Sears 7, Carl Icahn 6, Russia 6, Lifelock 4, Agco 4, Charlie Gasparino 4, U.s. 4, Nicole Petallides 3, Jpmorgan 3, South America 3, Kodak 3, New York 3, Jamie Dimon 3, Manhattan 3, Apple 3, Nokia 2, Obama 2, Sandra Smith 2,
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  FOX Business    Countdown to the Closing Bell    News/Business. Stock  
   market updates. New.  

    October 29, 2013
    3:00 - 4:01pm EDT  

market. charlie gasparino sources saying the problem, the glitch, the stumble stems from the potential legal in the future. charlie will be here to explain exactly what is going on with jpmorgan. we show you what is going on, falling but not by that much. just a quarter. as in $0.25. or half a percent at the moment. we are watching this very closely. you can see as the news broke that sure enough, that stock started to fall although it wasn't doing extraordinarily well earlier. jpmorgan, and we are watching all the analysts who have time and time again written eulogies for blackberry in the past only to eat crow the day after. after a parade of potential suitors came out, it's happening again. although today's anyone. facebook, "wall street journal" reporting blackberry executives met with their counterparts at facebook to gauge interest in a potential bid.
look at the shares. not a surprise blackberry is moving higher by 2.33%. facebook down 1.5% it remember the discussion they would build a phone? and then they said no. maybe this is their way of getting in to build a phone because blackberry has the hardware and the software. if you've been watching "countdown to the closing bell" in the last couple of days, we've been following very dramatic story. muddy waters and a guy who runs it right here on your screen has been: chinese mobile firm and massive fraud. shares tanked on the one-week . we spoke to the ceo, and he was telling us the company is absolutely legit and he could prove it. today nq mobile released and massive document attempting to refute muddy waters allegations. nq mobile filed a lawsuit. you would have heard from omar they were considering legal
action and that person has said you know what, bring it on, we've got the information that tripped this company. the company jumping higher on the same day we received word apple removed nq mobile from their app store. all of them. look at the shares, up more than 20%. so the battle between muddy waters and nq mobile now it is 33%, i blinked. when i ran down here it was up 24%. we are watching nq mobile very, very closely. he said, they said story. it looks like sears is not done shrinking its business but that may be a good thing for the investor. nicole petallides on the floor of the new york stock exchange with sears shaving off more businesses be at nicole: we are taking a close look at sears on the news they may be spinning off. popular for racing gear.
so here's the stock right now. up 9.8% for sears get in addition to the possibility of spinning off, they also may look for strategic option for their sears auto center. we'll see what the alternatives are for that. in the meantime, they continue to try and really make this company lean and mean. to focus on the core business. selling off assets, closing the most unproductive stores of all. we talk about sears and kmart under their umbrella and shedding assets. year to date is up over 40%. they face intense competition from names like target and walmart and online on amazon especially. so these are the conditions that sears is facing. they have since 2002. $1.9 billion, looking at that number as well. some of the things they don't need.
liz: spinning off things you don't need but that could make shareholders money. stocks surging higher today as investors to just a slew of economic earnings reports. but look at these games. and this ahead of the fed statement. that's tomorrow, it makes you wonder will these games hold? the new york stock exchange cme group and the nymex. look at the dow very healthy, very close to yet another high. the s&p 500 looking very good. if we hit 1762 stay there for the s&p, we could possibly stay above it. look at this, not bad. that is certainly a big record.t >> we have had a lot of people scratching their heads for a long time, liz. the market continues to make new all-time highs, yes, we are in
the sweet spot of earnings season and the earnings on balance are coming in better than people have expected. the fed meeting tomorrow i don't think anything will come out of that. moving the needle one way or the other. it is really kind of amazing. fighting for the last 18 months, clearly has been a huge mistake. liz: bought the dips. because they were shallow in a way. it made people wonder maybe there is a bigger correction coming. the kind ofsuas wasn't. >> most people who watch this market continue to say it is overbought and don't understand what is driving it. but maybe off 3%. i think people were looking for a more than that. liz: i get grief from people who say why are you looking at the dollar? when the dollar is weak, we are seeing the euro at a two year high against the dollar.
when we see that, companies here have products that are more attractive to those with stronger currencies so it is good for u.s. businesses at the moment. >> absolutely. a bit of a bounce in the dollar today, the greenback has stayed under pressure and likely will remain under pressure so long as the fed has remained this accommodative. we are watching the 79 level in particular on the dollar index. we feel there is a breakdown below that in the dollar, we will see stocks risk assets pushing higher, but there's a lot of downside to go if that gives way. that is something we consider key right now to the rally and stock for the other risk assets. liz: key to the rally in the stock did you have a weak dollar with the fed involved, you get what teddy talked about. okay, talk to me, goolsby had
what i would looking at in the energy world? >> they are not buying dips in this market. it cannot get of its own way. just took out the 200 day moving average of 98.70. anticipated the six straight week, expecting to an half million build. the thing is just building inventory, 95 would probably be our next report level down to 90 or below. this thing is heavy, real heavy. liz: is that why the transports are real high? transporting all the big vehicles fedex and ups use? >> you'd have to look, i would say yes and look at the airlines and look at all the other industrials. but cheap oil is good, the cars are getting better gas mileage and maybe they will start buying
bigger trucks. that is where we go. liz: big trucks. thank you, gentlemen, great to see all of you. we appreciated. let's talk about something that definitely medicines comes to making personal trades or any moves on your computers. cyber security, just a huge issue for corporate america as well as investors. president obama meeting with technology defense ceos to discuss that very issue just one day after his own twitter account was hacked. peter barnes joining us from the white house with the very latest. this has been talked about for a couple of years from inside the beltway, but how serious are they getting now? >> they are trying to get more serious about it. now the administration has released a draft framework for trying to improve fighting cyber security and improve efforts there including voluntary
communications, more communications between corporate america and national security agencies. meeting with eight top executives from finance, information technology to talk about this draft and listen, everybody wants to try to do more to stop cybercrime. recent study showed cybercrime across the u.s. economy $100 billion per year up to about 500,000 jobs through stolen financial assets, stolen intellectual property, damage to brand and reputation. the cost of cleaning up and repairing a company has to incur after a cyber attack. the stakes alone are huge. >> it ranges from people's identities being stolen by some low level dogs potentially. all the way to hypothetical scenarios where there is an existential threat to electronic commerce. in the trillions of payments go through the united states each
day. >> meanwhile the house has passed cybercrime legislation to try to beef up the efforts legislatively but has been stuck in the senate over concerns about privacy protections. liz: thank you, peter, very much. 15 minutes before the closing bell rings again. s&p above that record level. we very well may see a record if we close anywhere above where we are right now, even slightly below. let's see the $13 billion tentative deal between jamie dimon and the department of justice catering to the edge. charlie gasparino rush into the studio with the very latest. some inside dirt. and forget about it. even apple television. should the tech giant next big thing be truly out of the box? that would be the big surprise. how about electrifying apple
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z: te por mor ofhe ho isno ka. th areitti a brand-new high. reporting third-quarter earnings showing signs of life after microsoft purchase of the flagship phone business. the company is predicting a more profitable future for its equipment and software unit. the stock responding very nicely up about 10%. let's get to the jpmorgan story. reports are out jpmorgan $13 billion settlement with the government may be fallen through. charlie gasparino with exclusive details on just who has the upper hand. charlie: does fallen through liz: it isn't happening. charlie: here are the headlines you and i should hash out a little bit.
despite this snag, people close to the deal itself are saying the negotiations are ongoing. they still think a deal is possible. depending on who you talk to, they say it is likely. but here's what we got from jpmorgan on the structure of this deal. it involves the trust involved with washington mutual bankruptcy and how much money jpmorgan can get from that bankruptcy. it's really difficult, we will write things up on i suggest you go there to get the details. bottom line is jpmorgan and the terms of this deal from what i understand is worried about unquantifiable legal liability that they sign off on this thing. we should also point out people close to jpmorgan are telling me and have been saying for weeks now depending on how this goes if they don't agreeith us there is various assets of this deal, various parts they can settle those aspects separately. we should point out they did that with the fha on friday. if the news broke, they did
$1 billion bid one of the reasons they did that particularly was fha was growing uncomfortable with the sort of inpatieninpatient. they worked it out separately. that is where we are right now. it clearly has hit a snag, jpmorgan is worried about unquantifiable leaps. liz: does that mean if they strike a deal it still leaves gigantic walls through which moneygrubbing people or people who feel they've been wronged can climb right through and sue moore? charlie: you said it perfectly. but only that, standing criminal probes going on. a lot of stuff going on here. from day one i would say i've been stressing on this network that is not a done deal, it's not i things, it's not finalized until
you see it. until he's a joint statement coming out of the doj and jpmorgan that this thing is over because there are so many moving parts to this and so much at stake here. you can clearly say the future of jpmorgan hangs in the balance here depending on what they agreed. how do they agree to it. what let me have the future of jpmorgan. liz: that is the thing. charlie: i don't think it will blow up tomorrow or blowup over this, wha the future, it's size, maybe jamie dimon's future, how he is. is. viewed. this is high drama. this is not something to keep the kid around about. but the initial reports that said this thing was done, it always caution because i know the way these things work and so much is at stake. in the past when he reached $500 million deal everybody would say that is a big thing. we are talking multiple billions, potential further liabilities because these mortgage-backed securities some
of them are held by private litigants and depending on how you agree to this stuff, black rock and all these other major holders of that stuff can come back and say you agreed that you are wrong here. another 10 billion out of you. this is really heavy-duty stuff but i can tell you this. there are people that are close to this deal that tell me that it's still very much possible. here's why, you tossed it to me who has the upper hand. really what it does, it is the government. there are some benefits. liz: like warren buffett said. charlie: there are some benefits for jpmorgan to say let's do it. we should point out they have good lawyers. every major law firm is involved here. then years. i know the players. jamie dimon has taken the advice
on the best of the business. liz: herbalife came out after the bell, they beat on the top and bottom line the stocks down slightly today but again carl icahn telling you he could be holding this thing for a long time. >> that was the real news on that. i bounce a lot of stuff off of carl icahn. i like carl icahn. liz: can you do the imitation again? charlie: golly. we had a preinterview. that conversation was interesting because i had to leave out the expletives but you know what is interesting, he says it's the way it is, and i asked him point blank about him using the media particularly cnbc and bloomberg. if he didn't like what one guy said, would he go to the other guy? he didn't like what somebody said about him, he had an interview set up and went to bloomberg.
he didn't deny it. he said it is what the president does, why can't i do it? i don't fault him for it. i fault them for being played like that, but i don't fault him. by the way, this just goes to show you if you are a journali journalist, you don't have to do kiss up interviews to get people on. as long as you treat them fairly. we gave him his shot. i asked him tough questions. but that is what we do here at fox business. liz: yeah. bill ackman. charlie: he doesn't want to come on. i e-mailed him, he says he doesn't want to do it. not my thing, he says. liz: okay. charlie: tv is definitely your thing. liz: the closing bell ringing in 39 minutes.
twittetwitter hitting new york s today. top executives drum up support for next week's ipo. they have to go to swanky hotels and talk to potential investors. guess what, that's happening right now in manhattan. and we are there. cheryl is there. we will talk to her in a second. it might be the little engine that could. challenging john deere, the biggie, in the global battle for agricultural equipment. company chairman and ceo telling us how he is taking on a much bigger rival in a fox business exclusive. and guess what, got a little flavor to him. weekdays are for rising to the challenge.
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liz: twitter is out to prove it's more than just a disaster facebook ipo. listen, forget the hype, they don't want to turn out what facebook was on its ipo day. on day two of the roadshow happening right now, this is what companies do, they hit the road to drum up excitement about
their company before the ipo we are outside the mandarin oriental hotel in manhattan where the twitter team is meeting with investors right now. cheryl casone is out there. what have you seen? cheryl: what we do consider, we can tell you fox business exclusively finding out one of the stops on the roadshow was at the mandarin oriental. 36 floor. that meeting has just wrapped up. our producers trying to get in escorted out by security. what we did find out was there would be of course selling the ipo. how do you get a sense of what twitter will be saying? this is the ceo, the cfo, what are they going to be telling to investors that they don't already know about twitter? if you look at the video presentation essay launched the roadshow, that is for public consumption. information on twitter, president obama was part of that
video, president obama talking up in the first president to be on twitter. carl icahn using twitter to talk about his apple investments trying to go after tim cook to get apple to do the buyback. so what are we seeing? it'visit company trying to sello institutional investors. what we do know is it was a very quiet, secret meeting. there are about five entrances behind me. if they wanted to be secret and private, they made that happen. we can exclusively tell you they were here, meeting lasted about an hour or so, and that is the most can find out as of now. they will be in new york city tomorrow. we don't yet know where they will be but our producers are on it right now and w we're finding out those details. liz: it is going to be a very closely watched ipo. i find it fascinating you found out they are using names like
carl icahn and president obama and not the rihanna and lady gaga of the world. i find it also interesting that has got to be questions about this that resident of obama's twitter account in a certain way when you are shortening links got hacked yesterday we had >> exactly. certainly they will not talk about that during the roadshow unless they are asked about it. that is the best part of these meetings. the question is going to be about monetization. it will not be about president obama on twitter. we know rihanna is on twitter. can you make money. losing $500 million since they launched in 2007. how do you convince wall street that they are going to be seeing in new york city that they can actually deliver on the growth strategy? they talked about the global
strategy. we are all over the world. the first place to get information. that is what they were highlighting, but what they did not highlight that you know the wall street guys are going to be asking is how you are going to make money, how is this going to work? they are again being very quiet, very low-key about this roadshow. the opposite of what zuckerberg did when he was in new york as you remember all over town in his hoodie. a very different story. speecliz: very good point. we have the videos of him coming out of the escalade or whatever video it was wearing the hoodie. it was a madhouse, really. reporters are tough but so are guys protecting their money when it comes to investment. cheryl on the case, thank you so much for joining us. she is right there outside the hotel in midtown manhattan. thank you so much. apple seems to be getting lots of unsolicited advice about the
company's next move. does this guy need it? really? and are they taking it from billionaire investor carl icahn and others? tech analyst at german investment bank believes electric cars are the secret to a viable future for apple. adding that the smartphone maker needs an out-of-the-box move into a brand-new market. he actually is out there suggesting apple ceo tim cook should by tesla. shares of tesla the superhot electronic car company falling today only mildly after a tesla vehicle burned after slamming into a wall and a tree. it happens. shares of apple down. it was the margins for the current quarter that disappointed wall street, the expected 38, 37% margins.
came in just below that. the closing bell ringing in 29 minutes. how about striking a deal with russia for u.s. companies makes farming equipment? agco ceo joining us fresh off of his company's earnings report to talk about why russia might be the next big thing. stay tuned.
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corn has hit a three year low. let's start with you. sandra: some names coming up after the bell focusing on this last half hour of trading. linked in up 1.4%. beating wall street estimates in each of the past four quarters, revenue surged 59% in the last quarter. analysts will be watching for mobile growth, that will be something. advertising revenue. in the meantime the ceo toting linked in and announcing 38% of the visitors are actually on mobile. that shows an increase of 33%. that's great news for linkedin. we'll be watching that going at the closing bell and after the bell. some of the other names that will be key to watch will be buffalo wild wings. that has been the winner. yelp up over 1%. year to date yelp up over 250%.
electronic arts pulling back because of a deal with tiger woods after 15 years is basically being ended. we will watch that one as well. some hot stocks to watch these last few minutes of trading. liz: but madden is still there. thank you, nicole. can you imagine john madden. so well with electronic arts. let's make it to sandra smith. i brought up corn. you may have something else he wants to talk about but that jumped out because we have the agco ceo coming up. >> it is worth taking a look at corn hitting the lowest level. a three-year low looking at the front month contract so we are seeing significant declines across the board. the reason, record corn crop in the united states. largest exporter of corn in the world.
when we have a record crop, all that corn sends prices lower. something to note when you're watching the prices affecting a lot of the earnings of the major companies. natural gas prices on our radar fall into a one-month low in the trading session. temperatures ran natural gas prices up in the middle of the month. they are running down an estimate for temperatures to be not only average, but below average in the midwest and so heating would be down and natural gas would then go down. wholesale gasoline prices, they continue to come down, they are still falling as oil prices dipped below $100 per barrel and gasoline prices still playing a little bit of ketchup. right now stock piles are the highest they've been in about three years. some selloff across the board. back to you.
liz: that leads perfectly to our next guest because he runs a company called agco. shares have fallen 7% today, but up 30 plus percent over the past year. company release earnings before the bell today missing on the top and bottom line but the company has created a joint venture in russia that on the surface of it seems to be kind of small, but it may really set the stage for a fantastic future of this company. this deal will help distribute farm equipment to russia. agco's chairman, ceo and president. when i saw this deal, i'm less concerned about the quarterly numbers. what jumped out at me more was not so much that you missed, that might have one time tax issues, your full-year outlook
remains unchanged. is that because your pessimistic or you just don't know? >> we are highly conservative. we have a record year. we are high on guidance, so therefore thought we didn't do that bad. so therefore, i don't think that we were sandbagging, but we wanted to be there. we will have a pretty good year. i think next year i think our shareholders will be pleased. good day to buy agco shares, not to sell. liz: what is gutsy about you guys, we have watched you grow. you're taking on the bigger names. how do you win, how does the little guy or the smaller guy end up winning? you are doing this deal in russia creating a distribution center. creating a model farm and
teaching the russians how to harness the power that is quite a commodity driven economy over there. >> exactly. while we have about 24 in russia they only have four. that means we will need to catch up because they want to become more independent imports. we think this will be a great market in the future. we decided to go there together with a partner and take some pretty good crush and the ma con machines. the ceo is actually austrian. they know how to do business, and we are in a position to gain market share in this part of the world. liz: all wrapped up into one. let's go back way, that is south america.
amazing numbers out of south america. good growth. what is going on there? >> they are much more mechanized. what some of the green competitors are here in the u.s. we are in south america. our market share in brazil is 50%. we have factories in brazil. he opened a new factory in argentina. we have a small footprint, excellent people, so that is why we take advantage of this agricultural area. liz: how is the fact corn is hitting a three-year low, how is that affecting you, if at all? >> that is actually giving us a mixed picture. one is normally think would suffer from it, but input cost are down, and we are facing a record harvest.
so overall farm income is pretty strong for those guys. while on the other hand the dairy farmers who buy basically soybeans and corn in order to feed their animals do get into a competitive advantage again and start to buy. and then we bought a corn storage business called elevator last year called the gsi, so there are lots of farmers who now look into maybe becoming a little bit more independent and start to store and invest again. it is a great year. liz: it is a great opportunity to hear about the future. we will be watching it. thank you so much for joining us. >> thank you for having me. liz: the chairman, ceo and president. the stock up 32% year-over-year. cheap p/e of about 10. a buying opportunity perhaps for
some people watching this closely. kodak lives. yes, this is breaking right now. really struggling and had to sell off a lot of patents apparently is going to list its common shares on the new york stock exchange even has a ticker symbol. trading november 1. important new kodak. listing once again. look, they went through some tough times. what is amazing here is that my dad used to own kodak, own it low, biotite, put me through college. we will be watching it novembe november 1 of 2015. are you dying to get your hands on google glass? i'm not coming how to sell me on this.
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liz: the virtual velvet rope line around google glass is getting just a little bit looser. we called the virtual velvet rope because they are keeping a regular unwashed out. if you're one of the early adopters desperate to get their hands on what this guy is wearing, google glass, this technology, you might not have to wait much longer provided, and here is the caveat, you know someone who already has a pair. in a move similar to the launch of gmail or was it google chat.
google will allow existing owners of these computerize glasses to allow as many as three people each to join its explorer program as they're calling it. the privilege does not come cheap. each pair cost $1500. don't expect a full rollout anytime soon. sources tell the consumer launch will not be until late 2014. i think we will have broken arms and legs in the streets of manhattan because everybody will be watching with their doing in their glasses and they will trip. google glass. the s&p is on track for its bet month into four years. that is an incredible year overall but look at the one-month picture here. just gorgeous. november and december bullish for the stocks. can the favorable calendar boost
even higher or is it time for the bowls to take a break? capital managing director and portfolio manager who unlike a lot of people hasn't just met market expectations, you have beat them with your large cap growth. right? >> correct. liz: what is it you had to do to do that? >> we're looking for companies that can exceed investor expectations, take market share and disrupt the market. we own them for the longer term. we don't try to go in and out quickly. we're making decisions based more than two, three months forward. liz: you've got three names are going to give us in just a minute but before we do that, the year to date chart. outperforming the s&p and year-over-year, thank you for not taking people's money to underperforming. let's see what you expect
historically november and december has been very nice months but do we see hiccups or do we see the market indigestion? what are you expecting? >> i would be remiss to tell you what i see for two months. the ideas of protecting short-term market is folly. we look longer out. it has been a great return year. it strikes me if we went sideways, that would be fine. if we continue to grind higher, i think it is fair to have some tempered expectations for 2014. a positive year, but certainly difficult to make a case for 25% returns again. liz: i want to name them. this is amazing. all three of them have done very, very well and i assume you on them before the run-up.
the p/e 22. that one up 107%. but look at splunk. up 121%. what is with the p/e? 505%? >> they don't technically earn any money. they're on the cusp of earning money. it is reasonably aggressive name and this is why you have a portfolio stock like this. if you're buying one stock in you purchase splunk, that would be a lot more risky than diversifying across a lot of different growth names. splunk can be a much larger company. the ability for machine driven data to be analyzed and make business decisions from is huge. over the next few years splunk can be multiples of its current size of a continued to execute. you've got to be willing to look further down the road and maybe put your earnings hat off to the side on this particular stock.
there are far more logical typical bread and butter th. liz: take a look, everybody, if you are interested. great to see you. we have linked in earnings coming up. stay tuned, lots of numbers coming out in just a second. now that we're retired,
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like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade. liz: less than two minutes to go to see if we hit, we're already above the record for the dow and the transports. david asman is right here. david: looks like we're above it for the dow right now. we should mention, no matter how it settles we have a lot of record highs for individual stocks including american express, proctor & gamble, 3m, visa, et cetera. let's go to nicole petallides on the floor of the nyse.
liz: nicole, linkedin, we're looking at that because it has been a winner over the past year. how is the stock trading right into the close? >> so key to watch, up 1.8% this is a name that continues to beat quarter after quarter. everybody will be watching the mobile numbers, the advertising numbers, looking at revenues. one to watch, guys. david: people are watching the foreign stocks, one of them is ads, one listed as a on new york stock exchange as american depository receipt, nokia. >> they pared losses. wasn't too long it would sell the phone business over to the microsoft. it is at 7:$45 a share. great day for nokia. $7.45. liz:sa ac capital advisors people will plead guilt i to securities fraud.
you have to ibm climbing into the green. biggest gainer on the dow. david, propelling the dow jones industrials what appears pierce to be a record? david: 15,676 was the previous record. looks like we're above it four points on the dow. another record high for the s&p, it is happening all over the place. liz: the bells are ringing on wall street. as we see not only did the dow finish up but every major index moving higher and record breaking when it comes to the s&p. transports, it has been a broad based rally with the nasdaq and russell no slouches themselves. david: let's look at today's front page headlines of the starting with jpmorgan's stock t dropped this afternoon on news the bank's $13 billion tentative deal with the department of justice could be at risk of collapse. our own charlie gasparino reporting here in the past hour that jpm is worried about, quote, unquantifiable legal liabilities. >> did